action by congress, americans will be forced through a series of automatic tax increases and spending cuts at the end of this year. it is what is known here as falling off the fiscal cliff. despite warnings, the global consequences -- and the global consequences of falling off that cliff, can washington he managed -- can washington manage it? thank you for joining me. the markets are looking in america and wondering whether politicians will be able to avoid this fiscal cliff. are things headed that way? but i think eventually they will. the good news -- >> i think eventually they will. the good news is that it is more like a fiscal beach. it is not like the debt ceiling. it is not a sudden that situation. there is a bit more flexibility. but one of the issues emerging is what the attitude of richer americans will be and whether they will accept the need to pay higher taxes. you probably read, as i did today, a very interesting op-ed by warren buffett, who points out that early in his career in the 1950's and 1960's when he was making a lot of money, the tax rate was many times higher

. they will stop paying taxes to the spanish government. the decision comes ahead of a key regional election on sunday. >> in villages like this, most people will tell you that catalana, not spanish -- and you can spot the pro-independence catalon flag. he and others in this region say cathalon gets a rough deal, and that their taxes go to the central government, and they claim they get back a lot less to fund services like health and education. >> we do not think this is really a rebellion. we are still paying our taxes. the only difference is that instead of sending them to the spanish authorities, we are sending them to the cathalon treasury. >> the village will pay its taxes to the catalon government, even though it will, in turn, have to forward them on to madrid. if people and other villages join us, we can reach a point where the pressure is high and off -- heidi enough to make the catalon government changed and not send it to the spanish treasury anymore. keeping that money, because in the end, it is ours. >> as the economic crisis has worsened here, the regional government has almos

. consumers will likely feel less well-off with coming tax hikes and spending cuts. even more reason for retailers to cash in now. >> for more on the black friday rash, i spoke a brief time ago with a bloomberg tv anger in new york. stephanie, thank you for coming in instead of doing a bit of shopping yourself. >> i am happier to be with you than wrestling at walmart. >> does this type of frenzied spending actually have any long- term benefit for the economy? >> is interesting. it is not just black friday. as was mentioned earlier, it is now black thursday, thanksgiving day, cyber monday, monday. so many of these retailers are offering incredible deals both online and in stores. they are not necessarily jacking up profitability, but they are creating a frenzy. shopping on these giving or the day after has become a cultural phenomenon. so many go out as part of a tradition and shop the next day. some folks were getting rain checks because the stores did not have enough in stock. if you compare it to back to school, back to school is something retailers have not been able to truly harn

influential tax >> he did released three albums but they completely real imagine what the electric guitar could do. people are still exploring what he laid out in those records. it also does not heard he was flamboyant, as flamboyant as he was gifted. he died tragically young. >> he has been described as number one. aru else is a distant number 2. >> he continues to be the mountaintop. he tops every magazine poll. you are right. everybody is a distant number 2. his contemporaries knew this. when he came to london, eric clapton, pete townshend saw him play. people were aghast at his incredible ability, and the volume. >> what was it he did with his electric guitar that was so new? i'm talking about the music. >> well, leaving aside the theatrics, which he did was explorer feedback in a way no one had. he pushed the guitar passed limits that people understood it to have. his sound is one that what he played and the screeching noise as he could conjure and control. he recreated the instrument and it showed what his possibilities were. >> you have to talk about his physicality. he was scruffy

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